Herfy food company experiences a staggering 98% profit drop, unveils underlying cause

Al-Marsad newspaper: The profits of Herfy Food Services Company, which operates a chain of fast food restaurants, decreased to 3.6 million riyals by the end of 2022, by 98%, compared to profits of 151.8 million riyals achieved during the same period in 2021. According to the Economic Arqaam website.

The company said that the reason for the decrease in profits during the current period compared to the same period of the previous year is due to the decrease in sales, the increase in the percentage of the cost of sales, the increase in marketing and selling expenses, and the increase in general and administrative expenses.